Saturday Sept. 5th 1998

2:00 PM

Dec. Japanese-Yen

Nearby Support is 7553, where aggressive day traders can buy at 7553 for a bounce. Below that support is at 7531 and 7513. Traders should buy at 7512 for a turn higher, risk a close under 7485. A close under 7486 augurs for a test of 7428 and 7414 then 7442 to 7328. Traders can go long at 7342, risk a close under 7326 for three days in a row. Below that 7256 to 7242 should hold.
Resistance is at 7587 to 7601 and 7612. A close over 7612 augurs for a likely push towards 7675 to 7685. Where day traders can short at 7685 for a turn lower. Beyond that resistance is at 7763 to 7770 and 7836 to 7864. Above that good sellers should appear at 7902 and 7939 to 7954. Traders should sell short at 7934 for a turn lower, risk a close over 7954 for two days in a row.

Dec. D-Mark

Resistance is at 5815 and 5838 to 5855 then 5878 to 5888. Traders can sell at 5815, risk a close over close over 5902 for three days in a row. Beyond that good resistance is at 5945 to 5957. Traders can sell short at 5945 and hold for lower prices. Beyond that resistance is at 6023 to 6035 and should cap the rally for now.

Support is at 5805 and 5788 to 5778. A slip under 5778 augurs for a test of 5738 and 5729 to 5716. Traders can buy at 5729 for a bounce, initially risk a close under 5616 for three days in a row. Below that support is at 5653 to 5640. A close under 5640 augurs for a test of 5577 where traders can buy and hold for higher prices.

Sept. Swiss Recommended Position Short at 7074
Dec. Swiss

Nearby Resistance is at 7136 /7142 then 7170. Traders should go short at 7142 for a turn lower, risk a, close over 7190. A close over 7190 augurs for a test of resistance at 7242. Traders sell at 7242 and hold for lower prices. Initially risk a close over 7256 for three days in a row, Beyond that good sellers should appear at 7300 to 7314

Support is at 7088 to 7074/ 7060. A close under 7060 augurs for a test of 7003 to 6990. Below that Traders should buy at 6965 for a good risk a close under 6919 for three day in a row. Below that Good Support is at 6860 then 6836 to 6809, buy at 6836

and hold for higher prices.

Trade Accordingly

Sept. British Pound: recommended position short at 1.6420
Dec. British Pound

Support is at 1.6576 and 1.6550. A close under 1.6550 augurs for a test of 1.6420. Below that support is at 1.6380 and 1.6320 then 1.6200 to 1.6150. Traders should buy at 1.6150 and hold for higher prices, risking a close under 1.6090 for three days in a row.

Resistance is at 1.6688 and 1.6780 and 1.6808. Beyond that resistance is at 1.6890
to 1.6960 Traders can sell at 1.6890 for a turn lower, risk a close over 1.6960 for three days in a row.

Dec. Canadian Dollar

Support is at 6524 and 6509. Below that Support is at 6483 traders can go long at 6509 for a turn higher, risk a close under 6480 for three days in a row.

Resistance is at 6574 and 6577 to 6591.A close over 6591 augur for a test of 6619 to 6624. Traders should sell at 6624, risk a close over 6673 for two days in a row. Beyond that resistance is at 6741.

Dec. Gold Recommended Position Long 3 at avg. 289.8

Support is at 289.10 to 288.50 and 287.90. Beneath that support is at 283.4 and 278

Resistance is at 291.80 and 293 A close over 293.00 augurs for a test of 298 where good sellers should appear. A close over 298 augurs for a test of 307.

Traders should go long/ add if a close over 293.00 occurs. Be long, our eventual target is still 314.80 to 318.. if it holds

Dec. Copper:

Nearby Support is at 7515 and 7485. Aggressive traders can buy at 7515 for a turn higher. Below that support is at 7315. Traders should buy at 7345, risk a close under 7100 for three days in a row.

Resistance is at 7560 and 7615. Beyond that good resistance is at 7715 and 7760. A close over 7770 indicates a trade higher towards resistance at 7845 to 7890. Above that resistance is at 8120, traders should go short at 8115 and hold for lower prices.

Oct. Platinum Recommended position long at 372.5 and 379.5

Nearby Support is at 363.7 and 362.9. Which should stop a break for a bit.

Below that support is at 358.5 and 353.
Resistance is at 372.5 and 378.8. However a close over 373 is friendly for a rally towards 387.5. A close over 391 augurs for a test of 399 to 403.
Bullish long term.

Dec. Silver Recommended Position long at 4 at 521

On the DownSide: Support is at 499.5 and 496 Below that good buyers should appear at 483 to 480. Traders can buy at 480 for a good 2 to 3 day bounce.

Stay tuned for a stop.

On the Upside. Nearby Resistance is at 509 to 513 then 522. A close over 522 augurs for a test of 537.5 to 539. Where good resistance should appear...if not a push towards 550 is likely.

Oct. Crude

Early Support is at 1452 and 1436 to 1427. Traders should consider buying at 1427 for a good bounce. Below that 1383 and the 1377 /1368 regions should hold. Traders can buy at 1383, risk a close under 1346 for three days in a row.

Resistance is at 1475 and 1477 to 1486. A close over 1484 is friendly for a test of

1502 and 1529 to 1535 beyond that good resistance is at 1551 to 1560 then 1609 to 1615. Traders can go short for a turn lower at 1609 and hold for lower prices, initially risk a close over 1642 for three days in a row.

Oct. Unleaded Gas

Nearby Support is at 4155 and 4109. Traders should Buy at 4110 for a turn higher , risk a close under 3980 for three days in a row.
Below that good support is at 4060 and 4045 where it should hold. A failure there augurs for a test of the 3990 to 3980 region where a break should stop.

Resistance is at 4210 and 4255. A close over 4255 augurs for a test of the resistance at 4310 to 4355. Above that resistance is near 4505 to 4515. Traders can go short at 4505 for a turn lower, risk a close over 4585 for two days in a row.

Trade Accordingly.

Oct. Heating Oil

Early Resistance is at 3929 and 3967 to 3982.3992. A close over 3992 augurs for a rally to 4045 with a likely test of 4163 to 4183. Beyond that resistance is at 4238 to 4249 and 4305. Traders can go short at 4305 for a turn lower risk a close over 4385 for three days in a row.

Support is at 3865 and 3830. Day traders can Buy at 3830 for a bounce,. Below that 3767 to 3745 should hold. Traders can buy at 3767 for a turn higher. Risk a close under 3734 for two days in a row. Below that Traders can buy at 3623 and risk a close under Risk a close under 3550 for three days in a row.

November Soybeans Recommended Position Long 540

Support is at 516 1/2 and 510. A close under 510 augurs for a test of 503 which should stop any further Break in the mkt. If not a test of 488 is likely.

Traders should buy at 516 1/2 for a turn higher , risk 8 cents.
Resistance is at 521 1/2 and 526 1/2. A close over 521 1/2 augurs for a test of 531. Beyond that 544 1/2 offers resistance.

Dec. Soybean Meal Recommended long 143.80 and 138.30

Support is near 131 and 128.60 , below that 124.5 should hold.

Resistance is at 132.50 to 133.8 A close over 134 augurs for a test of 140. Where good sellers should appear.

Trade Accordingly.

Dec. Soybean Oil

Support is at 2439 then 2419 to 2411 and 2399. Beneath that 2370 to 2354 should hold. Traders should buy at 2399 for a turn higher , risk a close under 2354 for three days in a row. 2322 to 2315 should contain the break for now.

Resistance is at 2461 and 2469. Beyond that resistance is near 2499. A close over 2499 augurs for a test of 2527 to 2528. A close over 2528 is friendly for a test of 2552 to 2568. Traders should sell at 2552, risk a close over 2612 for three days in a row.

*Traders should go long if a close over 2461 occurs.

Dec. Corn

Support is at 203 and 201 to 198.

Resistance is at 208 1/2 then 210 to 231 1/2. A close over 2131/2 augurs for a short covering rally to 221. Beyond that resistance is at 227.

Dec. Wheat

Resistance is at 264 1/4 and 265 3/4. A close over 266 augurs for a rally to 271 and 276. Beyond that resistance is at 278 and 282 to 284, traders can sell short at 283 for a quick turn lower, risk a close over 289 for three days in a row.

On the DownSide Support is at 259 1/2 and 253 3/4 to 252. Traders can buy at 254, risk a close under 247 for three days in a row.

Trade Accordingly.

Dec. Cotton Recommended position long at 7385 and 7593.

Support is at 7435 and 7414, beneath that 7360 and 7330 offer good support.

Below that 7260 should hold basis the close on any real sell-off.
Traders can buy at 7428, risk a close under 7414 for three days in a row.

Resistance is 7455 and 7505 to 7513. A close over 7515 augurs for a test of 7600 to 7630. Beyond that, resistance at 7675 to 7689 and 7763 to 7770 . A close over 7770 augurs for a test of 7835 to 7865 and 7955.

*Traders should add/ go long, if a close over 7515 occurs.

Oct. Sugar

Support is at 753 and 739 to 735. Below that support is at 726 to 724 and 712 which should hold. Traders can buy at 739, risk a close under 712 for three days in a row.

Resistance is at 763 to 767. A close over 767 is friendly for an eventual test of 791 to 795 and 802 to 814. Beyond that good resistance is at 847 to 852, traders can sell short at 852 for a turn lower. Risk a close over 882 for three days in a row.

*Traders should go long if a close over 767 occurs.

Dec. Coffee: Recommended Position Long at 113.05

On the downside, Early support is at 111.85 and 111.15 to 111.05 Traders can buy at 111.20 for a turn higher, risk a close under 107.70 for three days in a row.

Below that 110.10 and 109.60 offer good support as does 107.75 and 106.80 to 105.80

On the Upside, Resistance is at 113.00 and 113.60. A close over 113.60 augurs for test of 114.80 then 116.00 and 116.40 to 116.90. Beyond that resistance is at 117.90 to 118.05 and 119.20 to 120.30 Above that 125.50 and 126.80 to 127.40 / 128.05 offer good resistance. Traders can go short at 127.40 for a quick turn lower, risk a close over 128.90 for three days in a row.

Dec. Cocoa

Support is at 1595 and 1576 to 1569. A close under 1568 is negative and augurs for a test of 1552 then 1535 to 1529 , below that 1518 to 1504 should hold.

Traders should Buy at 1577 for a turn higher, risk a close under 1569 for three days in

a row.

Resistance is at 1603 and 1609 to 1615. A trade over 1615 is friendly for a rally towards 1622 to 1633. Beyond that 1642 to 1652 offers resistance. A close over 1652 augurs for a test of 1689 to 1696 Traders can go short for a turn lower at 1689, risk a close over 1696 for two days in a row.

*Traders should go long using a 1616 buy stop.

October Cattle

Support is at 5782 and 5747 then 5727 to 5717. Traders can buy at 5807 for a turn higher, risk a close under 5707 for three days in a row. Under that 5677 and 5642 should bring out a few buyers.

Early Resistance is at 5842 5855 to 5880 and 5897. A close over 5880 augurs for a test of 5947 to 5957. Beyond that resistance is at 6022 and 6102 to 6125.

October Hogs Recommended Position Long 3 at 4302 avg., 4327, 4057.
Resistance is now at 3732 and 3757. A close over 3757 is friendly for a test of 3890 to 3905. Above that a pop to 4210 is likely...

Support is 3682 to 3662 , where good buyers should appear, traders can buy at 3682, for a turn higher risk a close under 3662 for two days in a row, Below that Support is at 3617 then 3552 and 3502.

Dec. Hogs Recommended position Long at 4057

Support is at 3672 Below that 3572 to 3562 should hold.
Traders should Go long at 3567 and hold for the pull into December..

Resistance is at 3767 to 3772 and 3807. A close over 3772 augurs for a test of 3867 and 3912. A close over 3932 is friendly for an eventual test of 4107 to 4117.

Feb. Bellies recommended position long at 5500 and 5550 and 2 at 4825

Support is at 4712, traders should buy at 4712 for a two day bounce, risk a close under 4692. Below that support is at 4632 and 4567. Below that 4400 offers good supports and should hold.

Resistance is at 4777 to 4787. A trade over 4787 is friendly for a test of 4857 to 4867.Beyond that resistance is at 4917 to 4927 and 5007. A close over 5007 augurs for a thrust towards 5152 and 5202 to 5222. Beyond that good resistance is at 5302 and 5447 with an outside chance of touching 5552 to 5577 and 5630 down the road..

--From the Frying Pan into the Fire-- Stay tuned for Updates.

Dec. Bonds Recommended Position Short at 127-07

On The DownSide, Nearby Support is 127-10 and 126-28. A close under 126-28 is negative and augurs for a slip to the 125-28 / 125-19 region. Below that Traders can buy at 124-21, risk a close under 124-18 for three days in a row.

A close under 127-10 on Tuesday is negative.

On the Upside: Resistance is at 127-19 and 127-28. Traders can sell short at 127-19 risk a close over 128-08 for two days in a row. Above that resistance is at 128-19 128-29 which should cap a rally for a bit.

Sept. SP500 recommended position long at 1052,1036 and 1002.50(2)

On the DownSide, Support is at 973.70 to 972.40 and 970.60 below that Support is at 964.10 to 962.50 and 957.50 to 956.50 and 954.20 to 952.60. Which should hold basis the close, a close under 952.60 augurs for a test 944.50 and 942.80. Below that 923.50 should provide support.

On the Upside, Resistance is at 982.10 to 983.70 then 992.10 to 993.70. An extended trade over 993.70 augurs for a test of good resistance at 997.30 and the 1000 to 1005 region. Beyond that a test of 1007 is likely to trade. A close over 1007 augurs for a test of 1018.50. a close over 1018.50 indicates a pop towards 1030 to 1036. Where good sellers should show up at. Beyond that resistance is at 1058. Which should cap a rally,

December SP500
Support is at 979.10 to 977.80 and 966.90 then 964.10 then 963.10 to 962. 50.

Resistance is at 995.10 and 1004.70 then 1009.70 beyond that resistance is at 1030 to 1037 and 1047.50 to 1049.

The Dow Jones Industrial Average

Support is 7601 and 7587, below that 7501 to 7486 may hold, basis the close. Under that support is at 7428 to 7414 then 7342 to 7328. Below that 7292 and 7256 should stop a decline for now.

Resistance should first appear at 7675 and 7689, a close over 7689 augurs for a test of 7763 to 7777. Beyond that resistance is at 7836 to 7864 and 7901. A close over 7901 indicates a test of 7939 to 7954. Beyond that resistance is near 7987.7 and 8029 to 8044. A close over 8044 is friendly for a test of the 8114 to 8119 region which should cap a rally for now.

Have a Happy and Safe Labor Day

A ship in Harbor is Safe.. But that's not what ships are built for.

Happy Trading

Bill

Saturday Sept. 5 1998
09:35 PM

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THIS PUBLICATION CONTAINS THE VIEW AND OPINIONS OF THE AUTHOR, EXCEPT WHERE OPINIONS ARE ATTRIBUTED TO OTHER SOURCES. WRITTEN PERMISSION IS. REQUIRED PRIOR TO ANY DISTRIBUTION OR REPRODUCTION. FUTURES TRADING IS RISKY AND CAN CAUSE SUBSTANTIAL FINANCIAL LOSS. THE USE OF OPTIONS AND OPTION TRADING INVOLVES A HIGH DEGREE OF RISK. THE USE OF STOPS MAY NOT LIMIT LOSSES TO INTENDED AMOUNTS. SPREAD POSITIONS MAY NOT BE LESS RISKY THAN OUTRIGHT FUTURES POSITIONS. PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. SOURCES ARE BELIEVED TO BE RELIABLE BUT NO ASSURANCE IS MADE FOR ACCURACY. ADDITIONAL RISK DISCLOSURE IS AVAILABLE.

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